New Delhi, November 29: Digital payments platform company Alipay, owned by Ant Group, is reportedly selling a 3.44 per cent stake in online food delivery platform Zomato and is expected to raise up to $395 million via a block deal.

The shares translate to up to 296.1 million shares, according to a term sheet seen by The Wall Street Journal. As per the term sheet, the floor price was kept at Rs 111.28 ($1.33) per share, a 2.2 per cent discount to Zomato's last traded price of Rs 113.80. Apple To End Partnership With Global Investment Bank Goldman Sachs Over Its Apple Card Within Next 12 to 15 Months: Report.

The expected settlement date is November 30, the report mentioned. According to the term sheet, BofA Securities and Morgan Stanley are acting as placement agents on the deal. Meanwhile, Zomato has registered Rs 36 crore as profit after tax (PAT) in the quarter ending September 30, as its revenues surged 71 per cent to Rs 2,848 crore. Infosys Announces Its New 'Diamond' Partnership With HPE Alliances To Empower Businesses To Embrace Future and Achieve Their Goals.

The online platform had registered a net loss of Rs 302 crore with revenues at Rs 1,661 crore in the same period last year. "We think that QoQ GOV growth in food delivery in the next quarter should be moderate -- around high single digit which should translate to about 25-30 per cent YoY GOV growth," Zomato CFO Akshant Goyal said in a letter to shareholders.

(The above story first appeared on LatestLY on Nov 29, 2023 01:32 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website